The Securities and Exchange Commission (SEC) recently announced a regulatory framework for initial coin offerings (ICO) and ICO portals that took effect on July 16.
According to the framework, any type of token that will be offered to Thai investors will fall under SEC regulation. To clearly differentiate token categories, the SEC has divided ICOs into three types: investment tokens, utility tokens and cryptocurrency.
The framework made it clear that token issuers cannot sell them directly to the public but must make offerings through an ICO portal that will be approved by the SEC.
Approved ICOs can be offered in unlimited amounts to high-net worth-investors, venture capital firms and private equity funds. However, the investment for each retail investor is limited to 300,000 baht. ICO issuers are only allowed to receive payments in Thai baht or seven approved cryptocurrencies: bitcoin, ethereum, bitcoin cash, ethereum classic, ripple, litecoin and stellar.